Global Automotive Aluminum Market: Overview
The automotive industry is committed to the production of vehicles that offer excellent performance, superior fuel efficiency, high level of passenger safety, and comfort. Owing to properties such as low weight, high-performance, corrosion resistance, and flexibility, aluminum has emerged as one of the primary choices of automakers wanting to make vehicles that rank high on all these metrics. The use of aluminum also makes the vehicle environment friendly as most of the aluminum used in a vehicle recyclable.
This report on the global automotive aluminum market presents an extensive overview of the present growth dynamics of the market and includes projections regarding the future growth trajectory of the market and its segments. The report also includes a thorough overview of the factors expected to have a notable impact on the overall development of the market over the report’s forecast period. As such, impact of factors such as growth opportunities, restraints, growth drivers, notable trends of past and present times, competitive scenario, and regulatory framework surrounding the market across key regional markets is examined in the report.
The report also includes an overview of the recent developments in the market in terms of aspects such as technology and product varieties, Porter’s five forces analysis of the competitive landscape, and detailed business profiles of some of the key vendors in the market. An overview of the macro- and micro-economic factors crucial for established market players as well as new entrants to excel in the market is also included in the report.
Global Automotive Aluminum Market: Segmentation
Aluminum used in automobiles can be segmented on the basis of its use as aluminum extrusion, aluminum casting, aluminum sheets, and flat rolled products. Aluminum casting products contribute over half of the overall aluminum used in automobiles. Cast aluminum transmission housing and pistons are one of the most commonly found aluminum structures in automobiles across the globe. Aluminum sheet is presently used in two classes of automotive applications, namely auto body frame and closure panels. Extruded aluminum finds extensive usage across a vast number of applications such as the production of sun roof channels and roof rails.
Global Automotive Aluminum Market: Drivers and Restraints
One of the key factors driving the overall growth of the global automotive aluminum market is the vast rise in the production and sales of a variety of automobiles across the globe. Especially across developing economies in Asia Pacific, the vast rise in use of passenger vehicles has led to a significant rise in demand for aluminum to be used in automobiles. With China outpacing the U.S. to take the top-spot in the global passenger vehicles market, Asia Pacific and its vast appetite for passenger vehicles is expected to remain one of the chief drivers of the global automotive alumina market over the report’s forecast period.
Stringent government regulations advocating the increased use of lightweight and environmentally harmless materials in the production of vehicles are also leading to the increased use of aluminum in automobiles. 90% of aluminum used in vehicles can be recycled. Moreover, aluminum has a lighter mass than steel, making vehicles made with aluminum much lighter in weight as compared to the ones that use steel.
As a result, aluminum offers automakers the chance to manufacture energy-efficient and environment friendly vehicles, which are also high in performance and corrosion resistant at the same time. However, the market’s growth is expected to be restrained to a certain extent owing to the easy availability of alternative lightweight materials such as magnesium and reinforced plastic.
Some of the key vendors operating in the global automotive aluminum market are Novelis, Alcan, Rio Tinto, Aluminum Precision Products, Grupo Metalur, Kaiser Aluminum, Superior Aluminum Alloys Inc., Sapa Group, and Alcoa.